Adherium Limited (ASX:ADR) provides adherence and technique monitoring for respiratory patients, using its Hailie Smartinhaler devices and software, and has moved from a Clinical Trials Business to a data-driven remote patient monitoring (RPM) business charging a monthly subscription fee. The company lodged its Appendix 4E preliminary financial statements for the year ended 30 June 2026, which show Revenue of $2,100,479 and a loss after tax of $14,161,734.

FY26 results

Revenue was $2,100,479 compared with $817,237 in the prior year, an increase of 157%. The company attributed the increase to the launch of its remote patient monitoring program in the United States. The loss after tax attributable to members was $14,161,734, compared with $12,679,349, a 12% increase. Net Tangible Asset backing was 0.02 cents per ordinary share compared with 0.9 cents, and no dividends were declared.

The company said the larger loss reflected onboarding in the call centre and sales teams, an expanded engineering team, Investment in quality assurance and higher Payroll and contractor costs to enable commercial growth in the United States.

Expenses and cash

Research and development spend was $2,080,937 compared with $3,441,139, reflecting a shift from clinical trials and product development to commercialisation. Sales and Marketing costs were $1,804,218 compared with $4,290,344. Administrative expenses rose to $11,698,296 from $5,485,800, driven by payroll and on-costs, contractor and consulting costs, Capital raising costs and executive recruitment, and by the reclassification of certain employee costs after the cessation of the New Zealand Facility in March 2025.

Cash at 30 June 2026 was $1,424,058, compared with $43,255 a year earlier.

Trends and audit status

The company said revenue growth was moderated by the timing of patient onboarding while the monitoring program was refined to meet the needs of customers and their patients. It reported month-on-month growth in RPM subscription revenue during FY26 and expects further RPM subscription growth in FY27.

The Appendix 4E is based on financial statements that are in the process of being audited, with audited statements to be published in September 2026. The company noted that, as in prior years, the independent auditor's report may include an emphasis of matter on material uncertainty about Going Concern related to raising additional capital or alternative funding until the group is supported by operating cash flows. The directors consider the going concern basis of preparation to remain appropriate. The company has no Dividend or distribution reinvestment plan and reported no changes in control of entities.

Risks and sector context

The loss increased in FY26 and the company is not yet funded by operating cash flows. The audit has not been completed, so figures may change, and the auditor's report could include a going concern emphasis of matter. Year-end cash of $1,424,058 compares with the scale of the loss. Revenue growth was affected by onboarding timing, and the report does not provide subscriber numbers or revenue guidance.

Administrative expenses rose significantly, and the company notes they include costs of raising capital. The company operates a single segment based on its Hailie Smartinhaler.

For sector context, the company refers to the US as the market where it is commercialising its RPM program.

What to watch next

Items to watch include publication of the audited financial statements and auditor's report in September 2026, month-on-month RPM subscription revenue, further capital raising, and cost movements as the company scales in the United States.